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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Avanza Bank Holding AB (publ)    AZA   SE0012454072

AVANZA BANK HOLDING AB (PUBL)

(AZA)
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Avanza Bank Holding AB (publ): Interim Report January-September 2020

10/19/2020 | 01:46am EST

Third quarter 2020 compared to third quarter 2019

  • Customer growth was 79,200 (36,800), an increase of 115 per cent
  • Net inflow in the quarter was SEK 16,300 million (9,940), an increase of 64 per cent
  • Operating income increased by 84 per cent. All revenue lines improved. Net brokerage income increased by 125 per cent as a result of high market activity. Currency-related income increased by 167 per cent. Net interest income increased mainly as a result of higher lending volumes and improved return on surplus liquidity
  • Operating expenses increased by 19 per cent, mainly due to more staff and consequently higher personnel costs. IT and premises costs also increased
  • The cost increase for the full year is, as communicated earlier, estimated as 12 per cent, which is within the long-term guidance of an annual cost increase of 9−12 per cent
  • Net profit amounted to SEK 331 million, an increase of 140 per cent
  • As previously announced, a leverage ratio requirement will be introduced in June 2021. This means that Avanza has to strengthen its Tier 1 capital by between SEK 750 million and SEK 850 million. Because of this year’s strong result, the Board of Directors has resolved to do this by temporarily reducing the dividend ratio for 2020. See also page 11
  • As previously announced, Anna Casselblad will take over as the new CFO, effective 1 February 2021
  • Improvements to monthly savings in the apps
  • New pages launched for certificates
  • The customer onboarding was updated with better guidance to make it easier for new customers to start saving

Quote from Rikard Josefson, CEO Avanza
“We can again look back at a quarter with high activity. Customer growth was strong, and we passed SEK 500 billion in savings capital. The high activity and strong growth resulted in the best quarterly result ever for Avanza. 170,000 more customers traded equities during the quarter compared to a year ago. So even if activity were to decrease going forward, there is no doubt we have raised our lowest level.”


Q3Q2ChangeQ3ChangeJan-SepJan-SepChange

20202020%2019%20202019%
Operating income, SEK m5755269313841,64386590
Operating expenses, SEK m–177–185–4–14819–541–47813
Operating profit, SEK m396333191631441,091380187
Net profit, SEK m33128118138140917326181
Earnings per share before dilution, SEK2.151.83180.911375.962.15177
Operating margin, %696365217664422









Net inflow, SEK m16,30019,400–169,9406457,60025,800123
No. of new customers (net)79,20053,0004936,800115218,300101,900114
Savings capital at the end of the period, SEK m514,200444,60016377,10036514,200377,10036

A webcast presentation will be held by Rikard Josefson, CEO, and Birgitta Hagenfeldt, CFO, on 19 October 2020 at 10.00 (CEST). The presentation will be held in English and there will be opportunities to ask questions. The presentation can be followed at avanza.se/ir. Phone number for participants:

  • Sweden: +46 (0)8 566 426 51
  • UK: +44 33 330 008 04
  • US: +1 63 191 314 22
  • Confirmation code: 22941979#

This Interim Report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.

For further information please contact:
Rikard Josefson, CEO
+46 70 206 69 55
rikard.josefson@avanza.se

Birgitta Hagenfeldt, CFO and Deputy CEO
+46 73 661 80 04
birgitta.hagenfeldt@avanza.se

Sofia Svavar, Head of Investor Relations
+46 8 409 420 17
sofia.svavar@avanza.se

Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is a better return on your savings than with any other bank or pension provider in Sweden. Services include saving in shares, funds, savings accounts, mortgages and a strong pension offering. Avanza has more than 1 million customers with over SEK 500 billion in total savings capital. This is equivalent to 4.9 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange including First North. During the last ten years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: investors.avanza.se

© Modular Finance, source Nordic Press Releases

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Financials
Sales 2020 2 361 M 281 M 281 M
Net income 2020 1 351 M 161 M 161 M
Net Debt 2020 - - -
P/E ratio 2020 28,6x
Yield 2020 0,86%
Capitalization 38 739 M 4 619 M 4 619 M
Capi. / Sales 2020 16,4x
Capi. / Sales 2021 18,2x
Nbr of Employees 502
Free-Float 83,8%
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 2
Average target price 212,50 SEK
Last Close Price 250,00 SEK
Spread / Highest target 0,00%
Spread / Average Target -15,0%
Spread / Lowest Target -30,0%
EPS Revisions
Managers and Directors
NameTitle
Rikard Valdemar Josefson Chief Executive Officer
Sven Johan Gösta Hagströmer Chairman
Gunnar Jonny Olsson Chief Operating Officer
Peter Strömberg Chief Information Officer
Mattias Maximilian Miksche Independent Director
Sector and Competitors